- Analytics
- News and Tools
- Market News
- Australia: Still tight labour market makes near-term rate cut unlikely – UOB Group
Australia: Still tight labour market makes near-term rate cut unlikely – UOB Group
Australia’s seasonally adjusted unemployment rate came in unchanged at 4.1% in Oct, in line with the consensus estimate, UOB Group’s economist Lee Sue Ann notes.
RBA near-term cut seems unlikely
“The unemployment rate held steady at 4.1% for a third straight month in Oct, and Reserve Bank of Australia (RBA) Governor Michele Bullock warned that the jobs market remained tight despite a gradual slowdown in hiring.”
“Separately, the Wage Price Index (WPI) remained unchanged at 0.8% q/q in 3Q24, below market forecasts for a 0.9% q/q rise. Annual pay growth slowed to 3.5% for 3Q24, from 4.1% in 2Q24.”
“It now looks increasing likely that the RBA will only deliver the first rate cut in 1Q25. We will wait for Oct inflation data due 27 Nov before finalising our forecasts for the OCR.”
© 2000-2024. All rights reserved.
This site is managed by Teletrade D.J. LLC 2351 LLC 2022 (Euro House, Richmond Hill Road, Kingstown, VC0100, St. Vincent and the Grenadines).
The information on this website is for informational purposes only and does not constitute any investment advice.
The company does not serve or provide services to customers who are residents of the US, Canada, Iran, The Democratic People's Republic of Korea, Yemen and FATF blacklisted countries.
Making transactions on financial markets with marginal financial instruments opens up wide possibilities and allows investors who are willing to take risks to earn high profits, carrying a potentially high risk of losses at the same time. Therefore you should responsibly approach the issue of choosing the appropriate investment strategy, taking the available resources into account, before starting trading.
Use of the information: full or partial use of materials from this website must always be referenced to TeleTrade as the source of information. Use of the materials on the Internet must be accompanied by a hyperlink to teletrade.org. Automatic import of materials and information from this website is prohibited.
Please contact our PR department if you have any questions or need assistance at pr@teletrade.global.
Bank transfers
